The management of Skye Bank PLC announced what it called the voluntary resignation of its top officers. The action followed plans by the Central Bank of Nigeria (CBN) to take over the bank due to distress arising from bad loans and insider malpractices by board members.

In a statement, the management said the CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, and Tokunbo Abiru the new Group Managing Director and CEO. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu retain their positions as Executive Directors.

SaharaReporters learnt that the Chairman of the bank, Tunde Ayeni owed the bank at least N102 billion that had remained unpaid for several years. He was one of those who resigned.

Mr. Ayeni, who is a close associate of former President Goodluck Jonathan, had taken over what used to be Eko Bank, Bond Bank, and Prudent Bank. He then used interbank loans to buy Mainstreet Bank for N135 billion and added it to his collection to create Skye Bank.

Since coming on stream, however, the bank has been consistently abused by its owners, who collect loans without collateral, and use them to fund lavish lifestyles and the acquisition of an assortment of private companies. Ayeni, for example, bought parts of an unbundled electricity company from what used to be the Power Holding Company of Nigeria, using Skye Bank funds. At the last count, he also owned Ibadan and Yola Discos, and also acquired Nigeria Telecommunication Limited (NITEL) and also owned a private jet.

Mr. Ayeni was also a close associate of the late former governor of Bayelsa, Diepreye Solomon Alamieyeseigha, and was linked with money laundering allegations concerning the late governor. It was through Alamieyeseigha that he became close to Mr. Jonathan during his time as deputy governor. Ayeni spent months in Economic and Financial Crimes Commission detention as the agency carried out investigations into the massive theft of Bayelsa State funds, but he was never charged to court.

Other non-executive directors of the bank who owed the bank include Jason Fadeyi, the chairman of Pan Ocean Oil company, who owes N90billion.

Furthermore, several businesses with links to the bank owed large sums to it but refused to service their loans. They include Atlantic Energy, owned by Jide Omokore and fugitive Kola Aluko, which is owing N70b; Oando Oil Company, N20b; and Captain Osa Okunbo. Kola Aluko’s brother, Kunle, is among the non-executive directors who purportedly resigned from the bank’s board.

SaharaReporters sources said Heritage Bank, which is co-owned by Mr. Ayeni and Senate President Bukola Saraki, is next in line for a takeover by the Central Bank, which is also looking to force out Oba Otudeko from the board of First Bank of Nigeria due to his indebtedness of about N82billion.

In his letter of resignation, outgoing MD of Skye Bank, Timothy Ogunoye lamented that his efforts to turn the fortune of the bank was thwarted by forces within and without the bank.

Below is the press release announcing a change of guard at the bank .

Changes on the Board of Skye Bank Plc.

We wish to inform our stakeholders of recent changes on the Board of the Bank.
Earlier, the Non-Executive Directors and the two Independent Non-Executive Directors resigned their appointment on the Board as follows:

S/N DIRECTORS CAPACITY
1 Dr. Olatunde Ayeni Non-Executive Director/Chairman
2 Mr. Victor Adenigbagbe Non-Executive Director
3 Dr. Jason Fadeyi Non-Executive Director
4 Mr. Babajide Agbabiaka Non-Executive Director
5 Mr. Victor Odozi Independent Non-Executive Director
6 Mr. Kunle Aluko Non-Executive Director
7 Mr. Abdul Bello Non-Executive Director
8 Mrs. Ammuna Lawan Ali Independent Non-Executive Director

The following Executive Directors also resigned their appointments on the Board with immediate effect:

S/N DIRECTORS CAPACITY
1 Mr. Timothy Oguntayo Group Managing Director/CEO
2 Mrs. Amaka Onwughalu Deputy Managing Director
3 Mr. Dotun Adeniyi Executive Director
4 Mrs. Ibiye Ekong Executive Director

The CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director and CEO. Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will continue in office as Executive Directors of the Bank.

The former leadership of the Bank voluntarily resigned their positions in order to pave the way for a new team to further the new strategic direction of the Bank in the retail and commercial business space, having laid the foundations and set the necessary processes and structures. In this wise, the challenge of accelerating growth in the new strategic direction becomes more urgent and compelling, given the poor performance that we recorded in the 2015 financial year end, and the attendant challenges.

The Executive Management of the Bank also take the opportunity to most sincerely thank the former Board led by Dr. Olatunde Ayeni, and the former Management team led by Mr. Timothy Oguntayo for their service, sacrifice and dedication to this institution.

As they take their leave, we wish them all the best in their future endeavours.

http://naijapromoter.com/2016/07/05/inside-story-of-skye-bank-management-takedown-by-the-central-bank-of-nigeria/

Takedown or not, make I just go withdraw my 5k.

Therefore?

So.. What do you want us to do about this

.
The sighting of the moon was Inconclusive
-INEC

The sighting of the moon has been adjourned till tomorrow
-Abuja High Court

The sighting of the moon was not altered, a committee will be set-up to be headed by Sen. David Mark (Chairman Senate committee on Observation)
-Senate

The moon has already been sighted tomorrow
-Lai Mohammed

The anomally in the crescentic illumna of the moon in the atmospheric galaxy is tantamount to more crinkum crankum & hoola-baloo
-Patrick Obahiagbon

The APC was the cause of the moon not sighted in Nigeria
-Fayose

We will create another moon for Nigerians
-APC

Due to none sighting of the Moon, the Board of the Ulamas has been dissolved.
-Presidency

We blew up the moon and we will blow up more moons
-Niger Delta Avengers

We are responsible for the absence of the moon in the sky
-Boko Haram

Those responsible for the missing moon will soon be apprehended and charged accordingly. We have evidence.
-EFCC

We dont want to sight the Moon
-Biafrans

We know where the moon is but we dont want to say.
-The US govt.
Happy holiday !!!

FTC!! finally on fp
*i can be silly too*

NOW LET ME READ THE STORY

Modified
I came late

The chairman is owing 102bn. This is serious. Yet they'll refuse a common man that seriously need the loan. Endless request of documents and collaterals. And their bosses are enjoying loan without a single collateral. To service the loan is also a big problem.

A friend wanted a loan back then. They refused to give him because he doesn't have a collateral. He was willing to use his certificate for collateral and first Bank turned him down (funny though). He needed 600k for his business and he was willing to drop one of his achiements in life for it. And there are several rich men that get loans without collateral.

Mopolchi:
Buhari don kill that bank. e be like say dem bankroll PDP.

You seriously need help. Did you even read the article? The directors are killing the bank, yet you managed to drag Buhari's name into it. Must everything be about APC and PDP? Your types are the problem of this country. You are helping Skype bank to play the victim card. Dem send you?

Looks like the whole ''Falied banks saga'' of the 1990's repeating itself again.

A bank manager owing his bank 102 bn naira? And the same bank would be chasing poor Nigerians for their loans?

Good old Nigeria.

Ok

odikwa serious

Na wa for Naija


Get a small scale biz loan with no collateral. Check my signature for details

Sky ti cast.
Na to remove my 700 notime.....
7h na big money ooo for naija at d moment..... no Time

Hmm...i Jus Op the masses money is save.

Cursed people!!! to borrow just 200k they will ask for CofO to a banana island mansion, colonial birth certificate of your father and grandfather, pay stubs for the last 1000 years but will feel free borrowing this free riding crooks 100 billion+ of depositors money to buy private jet...

Issues every where...for instance..How does detaining Dasuki, Metuh, Fani-Kayode, Omisore, et al put food on your table, o ye Hailers? After all Obj did to Bode George, Tinubu, Atiku, Tafa Balogun, have you seen their children queuing up at petrol station? Which of them have you seen in any public school? Obviously, the system and our mindset make it easy for the operation of these politicians. If una like, carry Fayose go Robben Island, I no send una, my own be say make God cripple people wey dey make life difficult for the common man! This people should face the economy

Mr. Ayeni, who is a close associate of former President Goodluck Jonathan, had taken over what used to be Eko Bank, Bond Bank, and Prudent Bank. He then used interbank loans to buy Mainstreet Bank for N135 billion and added it to his collection to create Skye Bank.

Since coming on stream, however, the bank has been consistently abused by its owners, who collect loans without collateral, and use them to fund lavish lifestyles and the acquisition of an assortment of private companies. Ayeni, for example, bought parts of an unbundled electricity company from what used to be the Power Holding Company of Nigeria, using Skye Bank funds. At the last count, he also owned Ibadan and Yola Discos, and also acquired Nigeria Telecommunication Limited (NITEL) and also owned a private jet.

Looks line we have yam eaters everywhere.....not just in government.

Be like I am beginning to agree with the people who say PMB should not fight corruption, when even banker who should not be corrupt because of the severe economic implications is so corrupt?

Corruption has eaten so deep into the Nigerian psyche that people do bad things....and a re hailed for doing the right things.

Loans without collateral? Chai!And iif a poor graduate comes for common loan of N1million to start business....na collateral him go bring.

Nigerians I hail thee.

Owo adiye dey there ooooo

Abi were ni Mr Ayeni ni

Buhari don kill that bank. e be like say dem bankroll PDP.

I still don't understand why this story is not properly credited.

Scam everywhere.

I talk am say Na the gbese people...living on borrowed funds

That's why I love my south east brothers

It's better to have 1million that is your own....not all these fake people living o loans and grants....yet they will be boasting that they are rich....

hope our money dey safe? I just asked for ATM card renewal sef from this bank

Naija

Good.

President Buhari, please when you finish with the Banking Sector, try to visit the oil Sector too to sanitize it. People are gradually seeing the reason why they are fighting you now.

The Nigerian Elite are the ones killing this Country. Can you imagine how many Billions is in the hands of a tiny few?and people wonder why our economy is so messed up? and once again, Goodluck Jonathan's name has come up in this story too, why is anything associated with that man an automatic and catastrophic failure?

I am sure if Jonathan had won the election, this fraud would not have been reported.

Back to the question. This Billions in the hands of these Bankers, who owns them?i am assuming all the monies belong to people banking with Skye bank. And if so, should these guys not be arrested?resigning is one thing, returning back the customers money is another thing. A very serious Financial Crime has just been committed at this Skye Bank.

Incompetent staff

Very dumb. Only know fashion and clubbing

Mopolchi:
Buhari don kill that bank. e be like say dem bankroll PDP.

Have you actually read the article....especially this bit...

[size=15pt]Since coming on stream, however, the bank has been consistently abused by its owners, who collect loans without collateral, and use them to fund lavish lifestyles and the acquisition of an assortment of private companies. Ayeni, for example, bought parts of an unbundled electricity company from what used to be the Power Holding Company of Nigeria, using Skye Bank funds. At the last count, he also owned Ibadan and Yola Discos, and also acquired Nigeria Telecommunication Limited (NITEL) and also owned a private jet.[/size]

Don't excuse wrongdoing.

No one will go to court shaaaaa.....I will not be bothered with news about adjourned judgements

One bank down

CBN is not doing their job right.
These loans must have been there for years without appropriate sanctions against these rogues called directors.
Proper monitoring should be put in place for all the banks.

Quakertellicus1:


Have you actually read the article....especially this bit...




Don't excuse wrongdoing.

Hmmm. All Nigeria banks' CEOs, directors and managers are very guilty of the same wrongdoings. Why dealing with Skye bank?

Ok

Hope Efcc will do the needful

Does Ayeni's indebtedness and chase by the federal government have something do to with NITEL'S inability to successfully stage a comeback?

Was this saga started so that it could seemingly innocently get to HERITAGE BANK which partly belongs to BUKOLA SARAKI?

These are my observations